Looking back on a lifetime of success

investmentnews.com:

Back when he co-founded Envestnet 25 years ago, Bill Crager didn’t plan on one day taking home the Lifetime Achievement in the Wealth Management Industry statuette at the inaugural InvestmentNews Awards. There were too many other pressing matters at the time before focusing on such fanciful dreams, primarily getting a one-of-a-kind fintech business off the ground.

Maybe he should have, because dreams do come true for those willing to do more than dare.

Crager, who recently transitioned from the company’s CEO to a strategic advisor position, along with the late Jud Bergman started Envestnet with the idea of streamlining independent advisors’ practices by offering a broad range of fee-based products side by side within an easily accessible, open-architecture portal.

Currently celebrating its silver anniversary, Envestnet recently confirmed it has agreed to be acquired for $4.5 billion by Bain Capital in a transaction that includes strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors. The scale of the deal reflects the fact the firm has grown into the leading managed solutions service provider by total platform assets, total accounts, and number of advisors served.

“When Envestnet was founded, the concept of supporting advisors with advanced technology was still just an idea,” said Crager, speaking before the acquisition was announced. “I don’t think anyone can fully grasp the challenges of making an idea something more. Somehow, we navigated the daily challenges and the world around us to build something that today is the largest in the entire industry.” 

Prior to launching Envestnet, Crager was serving as a managing director at Nuveen. It was a time in the financial